Howmet Aerospace — May 1, 2025 release

dollar millions, except per-share and share amounts)       Quarter ended       March 31, 2025     December 31, 2024     March 31, 2024   Sales   $ 1,942     $ 1,891     $ 1,824                             Cost of goods sold (exclusive of expenses below)     1,290       1,289       1,290   Selling, general administrative, and other expenses     85       77       88   Research and development expenses     8       7       10   Provision for depreciation and amortization     69       73       67   Restructuring and other credits     (4 )     —       —   Operating income     494       445       369                             Interest expense, net     39       40       49   Other expense, net     9       13       17                             Income before income taxes     446       392       303   Provision for income taxes     102       78       60   Net income   $ 344     $ 314     $ 243                             Amounts Attributable to Howmet Aerospace Common Shareholders:                         Earnings per share - basic (1) :                         Net income per share   $ 0.85     $ 0.77     $ 0.59   Average number of shares (2)(3)     405       406       410                             Earnings per share - diluted (1) :                         Net income per share   $ 0.84     $ 0.77     $ 0.59   Average number of shares (2)(3)     407       408       412                             Common stock outstanding at the end of the period     404       405       408     (1) In order to calculate both basic and diluted earnings per share, preferred stock dividends declared of less than $1 for the quarters presented need to be subtracted from Net income. (2) For the quarters presented, the difference between the diluted average number of shares and the basic average number of shares relates to share equivalents associated with outstanding restricted stock unit awards and employee stock options. (3) As average shares outstanding are used in the calculation of both basic and diluted earnings per share, the full impact of share repurchases is not fully realized in earnings per share ("EPS") in the period of repurchase since share repurchases may occur at varying points d